The SAFE/BECU Mega Merger Mistake: Time For DFPI To Step Up? Way Past Time!

                                                      An Unhealthy Situation?

✋ SAFE Credit Union is a California community asset, hand-built over 85 years by its 245,000 member-owners in Sacramento.  Twelve SAFE Board members have voted to give that asset away - without any dialogue with the other 244,988 shareholders.  

The California Department of Financial Protection and Innovation (DFPI) has full authority to require the SAFE Board  to make that dialogue happen, prior to any approvals.  ✔ "It’s time to hit pause, pull back the curtain, and explain exactly what is being voted on. "

😎 Why does California DFPI continue to sit on its' hands? Other watchdogs and regulators actually do step up on behalf of consumers when CEOs and boards overreach. Case in point:

✅ Raleigh, N.C. 5/1/26: North Carolina State Auditor Dave Boliek on Sunday publicly called for a delay of the vote on the merger of WakeMed, the local, community-owned non-profit health system, with the larger for-profit Atrium Health. [link]  His statement read in part: 

✔ "WakeMed is the largest health system in North Carolina’s largest county.  This merger will significantly impact the cost and quality of care across Wake County".

"The rollout of the proposed hospital takeover raises questions. The lack of transparency does not instill confidence; in fact, it calls for greater scrutiny and explanation."

"Wake County taxpayers built the hospital’s original physical plant and retained through the Board ultimate say over any change in organizational structure. At this point in time, it’s highly doubtful that the average Wake County citizen is even aware of the pending takeover. The stated benefits published by way of a Friday afternoon press release should be subject to stakeholder input." 

"Whether you support this transaction or not, taxpayers deserve full transparency from their government. It’s time to hit pause, pull back the curtain, and explain exactly what is being voted on.  It merits a transparent, deliberative process. "

😎 Hope this object lesson rings some very loud bells in Sacramento, because "it’s highly doubtful that the average SAFE member is even aware of the pending takeover."

  On behalf of 244,988 Californians, hope DFPI will stop sitting on its'... hands!

 

 

The SAFE/BECU Mega-Me Merger: Let The Members Choose!

  Heads Sacramento, Tails Tukwila...

Sample Ballot for SAFE Credit Union Merger Proposal

Name of SAFE Member:__________     Account Number:___________

Please read the Notice of Special Meeting for the members of SAFE Credit Union. The SAFE Board has tried to let you know what you need to know, when you needed to know it. [link]. You know, we know, who knows best!

✔ Mark your choice [1 only], sign and submit this ballot: 

[ ] Approve the proposed merger with Boeing Employees Credit Union as unanimously endorsed by the SAFE Board of Directors.  The merger requires the transfer of all SAFE CU deposits, loans, and $400+ million of your ownership equity to BECU. Corporate control and regulatory supervision will also be moved from California to Washington State. SAFE Credit Union will cease to exist. Or...

[ ] Alternative recommendation for SAFE members: Maintain the current California state-charter for at least ten years, with headquarters remaining in the Sacramento area; retain current service facilities, employee staffing levels, and the Sacramento-based leadership structure for at least 5 years; fund a new share account at BECU for up to 10,000 existing SAFE members, who require BECU service; and distribute a "Lets Stay Home Special Dividend" of $150 to each of the 245,000 SAFE members of record as of 12/31/2025. Or...

[ ] Do not approve the proposed merger.

✖ Signed:___________ Member's Name:_________ Date:_____

  Heads up, Sacramento!